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How to buy a rental using a HML then refi with a bank
Hi,
I'm curious if anyone could help me figure out the process on using a hard money loan here in Oklahoma City to purchase a rental property and then refinance with a bank to pay back the hard money loaner. Is there a specific time I need to wait before I can refinance, if I have absolutely no money to put it will a lender lend to me and do they loan for the rehab as well or just to purchase?
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I know 3 sources and I would recommend all 3! Each is a little different but usually one will be able to handle your particular situation:
Red Dirt Lending, RMAC Lending and Kruger Investments
Give them all a call...